BULLIONS
Bullions counter may open on negative path as yellow metal hovered near a one-week low hit in the previous session, as worries over a wider Middle East conflict subsided, boosting investors’ risk appetite and lowering bullion’s safe-haven demand. Overall gold (Jun) can move in range of 70250-70750 while silver (May) also can move in range of 79500-80500. Tehran downplayed Israel’s retaliatory drone strike against Iran, in what appeared to be a move aimed at averting regional escalation. Markets are also awaiting the release later this week of the March personal consumption expenditure (PCE) data – the Fed’s preferred inflation gauge – to further ascertain the trajectory of monetary policy. European Central Bank officials are sticking to plans to cut interest rates multiple times this year, even as higher U.S. inflation delays a pivot to looser policy by the Fed.
BASE METALS
In base metal counter, Copper prices can trade on weaker path as it can move range of 838-846. On the macro front, the market is waiting for the US Personal Consumption Expenditure (PCE) price index report to be released on Friday for clues on the prospects for US interest rate cuts. Risky assets and non-US monetary experienced an increase in volatility. In addition, the situation in Middle East intensified. The UK and the US imposed greater sanctions on Russian aluminum, and Biden called for a 25% tariff on China’s aluminum semis, triggering turbulence in global metals market. Zinc may trade on downside path as it may move in range of 244-252.
ENERGY
Crude oil may witness some bounce back as trade on path as it may move in range of 6750-6950. Oil prices edged higher reversing losses from the previous session, as investors continued to assess the risk from geopolitical concerns in the Middle East. The imminent threat of geopolitical risk spilling over into oil market fundamentals has largely faded, but the overall trend in that risk since October last year is concerning. U.S. approval of new sanctions on Iran’s oil sector that broaden current sanctions to include foreign ports, vessels and refineries that knowingly process or ship Iranian crude. Natural gas prices may witness some bounce back as it may move in range of 144-152. Natural gas futures resumed their climb, buoyed by a recovery in Gulf Coast LNG feed gas demand above 12 Bcf/d and Lower 48 gas production staying subdued. For a second year in a row, a mild heating season has swollen Lower 48 natural gas inventories, forcing producers to cut output back from record levels around 107 Bcf/d earlier this year.

Disclosure

Globe Capital Market Limited (“GCML”) is a Stock Broker registered with BSE, NSE, USE and MSEI in all the major segments viz. Capital, F & O and CDS segments. GCML is also a Depository Participant and registered with both the Depositories viz. CDSL and NSDL. Further, GCML is a SEBI registered Portfolio Manager. GCML includes subsidiaries, group and associate companies, promoters, directors, employees and affiliates.

Globe Commodities Limited, Globe Derivatives and Securities Limited & Globe Fincap Limited are subsidiaries of GCML. Rolex Finvest Private Limited, A to Z Consultants Private Limited, A to Z Venture Capital Limited, M. Agarwal Stock Brokers Private Limited, A M Share Brokers Private Limited, Shri Adinath Advertising Company Pvt. Ltd., Orient Landbase Private Limited, Bolt Synthetic Private Limited, Price ponder Private Limited and Lakshya Impex Private Limited are associates of GCML. Globe Comex International DMCC is step down subsidiary of GCML.

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